This agents summary of the lottery process for The ArraBelle at Vail Square

Well the boys at Vail Resorts have outdone themselves this time by attracting 580 buyers for only sixty-seven condominiums in a lottery event that ended after 2 a.m. in the morning on Tuesday, January 11, 2004. What’s even more amazing is the properties have an average size of 2700 square feet and were priced on the average of over one thousand dollars per square foot; all but four were spoken for at the first lottery offering.

On Tuesday, January 17th, the second round of the lottery will take place where all interested parties that did not get selected for a condominium in the first lottery will be selected for the four remaining properties; at the time of this article was published, there were over eighty buyers who have entered the drawing. By the way, the condominiums that will be reserved in the second round are priced at $3.395 for a four bedroom, $4,895, $5.295, and 9.195 million for a five bedroom respectively.

The ArraBelle at "Vail Square", actually "Lionshead" (at least it will always be Lionshead to me) will begin demolition of the exisitng Gondola Building and Sunbird Lodge (originally employee housing for the ski company) in April 2005 with completion slated for the fall of 2007. In addition to the condominiums, the building and surrounds will consist of thirty-five room world class hotel, a ten thousand square foot spa, 33,000 square feet of shops and restaurants and an ice skating rink boasting of completely redone streetscape.

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